ORTFX vs. DFABX

Last updated Jun 4, 2026

ORTFX (Aquila Tax-Free Trust of Oregon) and DFABX (DFA Short-Term Selective State Municipal Bond Portfolio) are both Municipal Bonds funds. Over the past 3 years, ORTFX returned 2.69%/yr vs 2.82%/yr for DFABX. At a 0.42 correlation, their price movements are largely independent. ORTFX charges 0.70%/yr vs 0.25%/yr for DFABX.

Performance

ORTFX vs. DFABX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aquila Tax-Free Trust of Oregon (ORTFX) and DFA Short-Term Selective State Municipal Bond Portfolio (DFABX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ORTFX achieves a 1.29% return, which is significantly higher than DFABX's 0.98% return.

ORTFX

• 1D: 0.19%
• 1M: 0.65%
• YTD: 1.29%
• 6M: 1.76%
• 1Y: 6.65%
• 3Y*: 2.69%
• 5Y*: 0.31%
• 10Y*: 1.17%

DFABX

• 1D: 0.00%
• 1M: 0.20%
• YTD: 0.98%
• 6M: 1.10%
• 1Y: 2.66%
• 3Y*: 2.82%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ORTFX vs. DFABX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ORTFX Aquila Tax-Free Trust of Oregon	1.29%	4.28%	-0.07%	3.18%	-0.14%
DFABX DFA Short-Term Selective State Municipal Bond Portfolio	0.98%	2.46%	2.90%	2.87%	0.55%

Correlation

The correlation between ORTFX and DFABX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (All Time) Calculated using the full available price history since Apr 18, 2022	0.42

Over the past year, the correlation between ORTFX and DFABX has dropped to 0.20 - well below their long-term average of 0.42, suggesting their price drivers have been diverging.

Return for Risk

ORTFX vs. DFABX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ORTFX

ORTFX Risk / Return Rank: 72
ORTFX Sharpe Ratio Rank: 90
ORTFX Sortino Ratio Rank: 94
ORTFX Omega Ratio Rank: 96
ORTFX Calmar Ratio Rank: 43
ORTFX Martin Ratio Rank: 38

DFABX

DFABX Risk / Return Rank: 100
DFABX Sharpe Ratio Rank: 99
DFABX Sortino Ratio Rank: 100
DFABX Omega Ratio Rank: 100
DFABX Calmar Ratio Rank: 100
DFABX Martin Ratio Rank: 100

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ORTFX vs. DFABX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aquila Tax-Free Trust of Oregon (ORTFX) and DFA Short-Term Selective State Municipal Bond Portfolio (DFABX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	ORTFX	DFABX	Difference
Sharpe ratio: Return per unit of total volatility	3.02	4.77	-1.75
Sortino ratio: Return per unit of downside risk	4.89	12.57	-7.68
Omega ratio: Gain probability vs. loss probability	1.82	6.47	-4.65
Calmar ratio: Return relative to maximum drawdown	2.51	24.96	-22.44
Martin ratio: Return relative to average drawdown	8.26	107.63	-99.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ORTFX vs. DFABX - Sharpe Ratio Comparison

The current ORTFX Sharpe Ratio is 3.02, which is lower than the DFABX Sharpe Ratio of 4.77. The chart below compares the historical Sharpe Ratios of ORTFX and DFABX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ORTFX	DFABX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.02	4.77	-1.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.88	2.48	-1.60

Drawdowns

ORTFX vs. DFABX - Drawdown Comparison

The maximum ORTFX drawdown since its inception was -14.94%, which is greater than DFABX's maximum drawdown of -2.46%. Use the drawdown chart below to compare losses from any high point for ORTFX and DFABX.

Drawdown Indicators

	ORTFX	DFABX	Difference
Max Drawdown Largest peak-to-trough decline	-14.94%	-2.46%	-12.48%
Max Drawdown (1Y) Largest decline over 1 year	-2.67%	-0.11%	-2.56%
Max Drawdown (3Y) Largest decline over 3 years	-4.11%	-0.60%	-3.51%
Max Drawdown (5Y) Largest decline over 5 years	-10.80%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-10.88%	—	—
Current Drawdown Current decline from peak	-0.75%	0.00%	-0.75%
Average Drawdown Average peak-to-trough decline	-2.11%	-0.24%	-1.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	0.02%	+0.79%

Volatility

ORTFX vs. DFABX - Volatility Comparison

Aquila Tax-Free Trust of Oregon (ORTFX) has a higher volatility of 0.90% compared to DFA Short-Term Selective State Municipal Bond Portfolio (DFABX) at 0.20%. This indicates that ORTFX's price experiences larger fluctuations and is considered to be riskier than DFABX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ORTFX	DFABX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.90%	0.20%	+0.70%
Volatility (6M) Calculated over the trailing 6-month period	1.76%	0.42%	+1.34%
Volatility (1Y) Calculated over the trailing 1-year period	2.24%	0.56%	+1.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.85%	0.96%	+1.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.08%	0.96%	+2.12%

ORTFX vs. DFABX - Expense Ratio Comparison

ORTFX has a 0.70% expense ratio, which is higher than DFABX's 0.25% expense ratio.

Dividends

ORTFX vs. DFABX - Dividend Comparison

ORTFX's dividend yield for the trailing twelve months is around 3.07%, more than DFABX's 2.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFABX DFA Short-Term Selective State Municipal Bond Portfolio	2.63%	2.33%	2.86%	2.52%	1.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ORTFX Aquila Tax-Free Trust of Oregon	3.07%	2.97%	2.27%	1.75%	1.30%	1.32%	1.64%	2.27%	2.30%	2.35%	2.49%	3.14%

Frequently Asked Questions

Can I hold both ORTFX and DFABX in my portfolio?

ORTFX and DFABX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ORTFX or DFABX?

ORTFX has higher volatility (0.90%) compared to DFABX (0.20%). In terms of maximum drawdown, ORTFX dropped -14.94% vs DFABX's -2.46%.

Which has better risk-adjusted returns?

DFABX currently has the higher Sharpe Ratio (4.77 vs 3.02), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.